                                 CODE OF VIRGINIA

AUTHORITY TO BRANCH OUTSIDE THE COMMONWEALTH BY MERGER (§ 6.2-850)

A. With the prior approval of the Commission, any Virginia state bank may
maintain and operate one or more branches in a state other than the Commonwealth
pursuant to an interstate merger transaction in which the Virginia state bank is
the resulting bank.

B. The Virginia state bank shall file an application on a form prescribed by the
Commission, pay the merger fee prescribed by &#xA7; 6.2-908, and comply with the
applicable provisions of Article 12 (&#xA7; 13.1-715.1 et seq.) of the Virginia
Stock Corporation Act. If the Commission finds that (i) the proposed transaction
will not be detrimental to the safety and soundness of the applicant, (ii) any
new officers and directors of the resulting bank are qualified by character,
experience, and financial responsibility to direct and manage the resulting
bank, and (iii) the proposed merger is in the public interest, it may approve
the interstate merger transaction and the operation of branches outside Virginia
by the Virginia state bank.

C. Such an interstate merger transaction may be consummated only after the
applicant has received the Commission&#8217;s written approval.

HISTORY: 1995, c. 301, § 6.1-44.17; 2005, c. 765; 2010, c. 794.